Major American investor and fund manager Bill Miller said that the cost of bitcoin is unlikely to drop to zero, and large investment banks will invest in cryptographic currency.
Bill Miller expressed his position on Bitcoin in an interview with CNBC. According to him, the risk of lowering the price of Bitcoin to zero is “lower than ever before”. He also predicted an increase in institutional investment in the crypt currency.
“The story with bitcoin is very simple – it’s supply and demand,” Miller said. “The number of bitcoins in circulation is growing by about 2.5 percent per year, and demand is growing faster.
Bill Miller is a well-known figure in the traditional investment industry. When he managed the Legg Mason Capital Management Value Trust Fund, the fund was 15 years ahead of the S&P 500 index. Now Miller is the Chief Investment Officer of Miller Value Partners. In December 2017, Miller announced that his hedge fund MVP1 had invested half of its investment in BTC.
In an interview with CNBC, Miller warned of the “return” of inflation as the Federal Reserve “continues to print money” and of the upcoming tax breaks from the U.S. Congress. Miller said every major investment bank and high-income company would eventually own a Bitcoin or gold. He added that BTC has performed well in the last three, five and ten years.
Miller is on the investment committee of the Johns Hopkins University Baltimore Foundation. According to him, the fund’s investment director said that “everyone will want to own at least some BTC.
“The fund may never buy the BTC,” Miller said. “However, it’s a bold statement for a college fund.